At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. The benchmark index is currently down 0.4% to 6,732.2 points.
Here’s what has been happening on the market today:
Tech shares tumble.
Tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) have failed to follow their US counterparts higher on Monday and are acting as a drag on the ASX 200. The S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 1.5% at the time of writing. This compares to a 1% gain by the tech-focused Nasdaq index on Friday night.
Bank shares lower.
The big four banks are out of form on Monday. At lunch, three of the big four banks are in the red and are weighing on the performance of the benchmark index. The only bank in positive territory is Westpac Banking Corp (ASX: WBC). Though, the Westpac share price is only up by a single cent to $20.29.
Gold miners crash.
It has been a disappointing day for gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST). At lunch, all of the major gold miners are trading notably lower after the gold price sank 4.1% lower to US$1,835.40 an ounce on Friday night. Traders were selling safe haven assets after US political risks faded. The S&P/ASX All Ordinaries Gold index is down 4.8% at the time of writing.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Woodside Petroleum Limited (ASX: WPL) share price with a 4.5% gain. Investors have been buying the company’s shares after oil prices rose strongly on Friday. The worst performer has been the Westgold Resources Ltd (ASX: WGX) share price with an 8% decline. This follows the aforementioned decline in the gold price on Friday.
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More reading
- The latest ASX “buy” recommendations from top brokers
- Why Costa, Monash IVF, Newcrest, & Xero shares are dropping lower
- Why the SelfWealth (ASX:SWF) share price is on the rise this morning
- Why the Afterpay (ASX:APT) share price has rocketed 250% in 12 months
- Why the Costa Group share price (ASX:CGC) is crashing this morning
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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